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LONDON-The credit crunch and overall downturn in the economy is impacting firms overseas, but it is also leading to buying opportunities in overlooked markets, according to executives at David Stanley Redfern, a locally based vacation-condominium brokerage outfit.

Investment in vacation homes has tripled in the last year, says the managing director of the firm, which bears his name. DSR currently has 20,000 active investors in its database and specializes in properties in places such as Albania, Cambodia and Tunisia. The firm recently opened a new office in Russia and sells for 64 developments around the globe.

“The credit crunch is making people look at their finances more and decide what to do with their money to put them in a better financial position in the future,” Redfern says. “First-time buys have increased dramatically.”

Right now many people are wanting to acquire plots of land, and Redfern says he is encouraging people to buy in Quebec, Canada. “There’s such a large amount of wealthy people going to Quebec,” he says. “The prices are soaring up rapidly.”

As far as developments go, Redfern is selling a lot of apartment and hotel units, he says. But Redfern says he is ready for customers’ tastes to change to other locales and property types.

“In today’s world, everything constantly changes,” Redfern says. “What you do today will not make you a success tomorrow.”

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